Section 39
SEC. 39. Section 244 of this Code, as amended, is hereby further amended to read as follows: "Sec. 244. Stamp tax on mortgages pledges, and deeds of trust.—On every mortgage or pledge of lands, estate, or property, real or personal, heritable or movable, whatsoever, where the same shall be made as a security for the payment of any definite and certain sum of money lent at the time or previously due and owing or forborne to be paid being payable, and on any conveyance of land, estate, or property whatsoever, intrust or to be sold, or otherwise converted into money which shall be and intended only as security, either by express stipulation or otherwise,, there shall be collected a documentary stamp at the following rates: (a) When the amount secured does not exceed five thousand pesos, ten pesos. (b) On each five thousand pesos, or fractional part thereof in excess of five thousand pesos, an additional tax of five pesos. On any mortgage, pledge, or deed of trust, where the same shall be made as a security for the payment of a fluctuating account or future advances without fixed limit, the documentary stamp tax on such mortgage, pledge or deed of trust shall be computed on the amount actually loaned or given at the time of the execution of the mortgage, pledge, or deed of trust. However, if subsequent advances are made on such mortgage, pledge or deed of trust, additional documentary stamp tax shall be paid which shall be computed on the basis of the amount advanced or loaned at the ' rates specified above: Provided, however, That if the full amount of the loan or credit, granted under the mortgage, pledge or deed of trust is specified therein, the documentary stamp tax prescribed in this section shall be paid and computed on the said amount of the loan of credit granted.